International Monetary Fund Report Confirms Canada Delivering Growth That Works for Everyone
July 16, 2018 – Ottawa, Ontario – Department of Finance Canada
Finance Minister Bill Morneau today welcomed the final report of the International Monetary Fund's (IMF) annual Article IV Mission to Canada, which found that the Government of Canada's plan to invest in the middle class is leading to growth that works for everyone.
The IMF reviewed developments in a number of areas, including trade; the fiscal framework; competitiveness; inter-governmental collaboration; and tax policy. Following its analysis, the IMF confirmed the soundness of the Government's economic plan and the strength of Canada's economy, which had the highest growth rate among G7 countries in 2017. The IMF also affirmed that the Government's actions to address housing-related vulnerabilities, including mortgage rate stress testing requirements to ensure that Canadians can afford their mortgages even if interest rates rise, are having their intended effect.
"I'm pleased that the IMF recognizes the soundness of our government's plan. Since taking office, we've been focused on making investments that will strengthen and grow the middle class, and offer real help to people working hard to join it. Our plan is working. We will continue to invest in Canadians and in the things that matter to Canadians, as we work to deliver growth that works for everyone."
- Bill Morneau, Minister of Finance
Since 2016, Canadians have created hundreds of thousands of jobs, pushing unemployment to 40-year lows. Canada's federal debt-to-GDP (gross domestic product) ratio remains firmly on a downward track and the deficit-to-GDP ratio is projected to reach 0.5 per cent in 2022–23.
Canada's total government net debt-to-GDP ratio is the lowest among G7 countries.
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Office of the Minister of Finance
Department of Finance Canada
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